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MCB post profits of Rs 7, 2 billion

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MCB post profits of Rs 7, 2 billion

MCB Group post
profits of Rs 7, 2 billion for Financial Year ending 30 June 2018. The profits after
tax of the most important banking group in Mauritius is on the rise by 7, 7%
compared to corresponding period last year. The operating income of the Group
is also on the rise by 9, 3% to 16, 9 billion whilst net fee and commission income
grew by 7, 1%.

Deposits
from customers also grew by 8, 3% up to Rs 297, 7 billion and loans grew by 18,
5% up to Rs 211, 1 billion. The total assets of the Group grew by 11, 9% and
stands at Rs 386, 4 billion. Segment A (retail banking) accounted for 43% of
the group profits whilst the Segment B operations accounted for 40% of the
profits.

Commenting on these results, Pierre Guy Noel, Chief Executive Officer
of the Group said :

“Notwithstanding a still difficult operating context, the
Group posted a growth of 7.7% in profit attributable to equity holders which
reached Rs 7,221 million, with the combined share of foreign-sourced income and
non-banking operations standing at 57% thereof”.

“Backed by
the Group’s diversification strategy, operating income sustained its growth
momentum to increase by 9.3% to Rs 16,951 million. This performance was
supported by a rise of 12.3% in net interest income amidst a notable pick up in
loans and advances, mainly driven by the international activities of MCB Ltd,
and improved margins linked to higher rates on foreign currency loans and the
favourable evolution in yields on T-Bills during the year. Net fee and
commission income increased by 7.1%, underpinned by higher receipts from
regional trade finance linked to the Energy & Commodities business, cards
activities and inroads made by MCB Capital Markets Ltd. Whilst profit on
exchange grew by 4.0%, ‘other income’ edged up by only 1.6% reflecting lower
contribution from disposal of investment at the level of MCB Equity Fund Ltd”.

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